Vacant Office Building Near
For Sale
$19,000,000
2753 S Highland Dr, Las Vegas, NV 89109
Vacant office building on 3.61 acres near the Strip.
Property Size88,486 SF
Lot Size3.61 Acres
Price / SF$214.72
Days on Market156
Property Features for 2753 S Highland Dr
General Information
Standard status
Active
Size
88,486 SF
Class
C
Lot size
3.61 Acres
Property subtype
Land
Building Details
Building Size
88,486 SF
Year Built
1962
Listing Agency:
SVN | The Equity Group
(702) 502-1592
Listed By:
Al Barbagallo · License #NV #BS.20613
(702) 502-1592
Source:
Svn-theequitygroup
Added: Mar 6
Changed: Aug 8
Last Checked: Jul 16 at 4:30AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN | The Equity Group
Investment Insights
Based on property information with market context.
This property features a vacant office building situated on 3.61 acres. The existing two-story structure, built in 1962, comprises approximately 88,486 square feet with block construction and concrete slabs. The site offers 665 feet of frontage on Highland Drive and 305 feet on Presidio Avenue. Located just a half-mile from the I-15 and Sahara Avenue off-ramps and one mile west of the Las Vegas Strip, the property benefits from an in-fill location with high exposure and convenient access to I-15. The current zoning is "Entertainment Mixed Use", allowing for various uses, including office, retail, high-rise apartments or condos, H-1 hotels, or industrial applications. The existing office building requires rehabilitation or demolition.
Key Highlights
- Prime location, just 1 mile from the Las Vegas Strip
- 3.61 Acres with 665’ of frontage on Highland Dr. & 305’ Frontage on Presidio Ave.**
- Entertainment Mixed Use zoning allows for Office, Retail, High Rise Apartments or Condos, H‑1 Hotel or Industrial
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$1,361,800
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.17%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$27,236,000
$27.2M
Cap Rate 7%
$19,454,286
$19.5M
Cap Rate 9%
$15,131,111
$15.1M
Market Conditions
NOI Build-Up for 88,486 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$2.12M $24.00/SF
− Vacancy
−$307.9K −$3.48/SF
EGI
$1.82M $20.52/SF
− OpEx
−$453.9K −$5.13/SF
NOI
$1.36M $15.39/SF
Area
Las Vegas, NV
Vacancy
14.50%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$27,236,000
Cap Rate 7%
$19,454,286
Cap Rate 9%
$15,131,111
Alternative Uses
Best Use
Retail
$28.54M
$24.97M – $33.29M
NOI $1,997,609 @ 7.0% cap · market cap 10.51%
Second Best
Office B
$19.45M
$17.02M – $22.70M
NOI $1,361,800 @ 7.0% cap · market cap 7.17%
Theoretical Best
Specialty Retail
$30.58M
$26.75M – $35.67M
NOI $2,140,295 @ 7.0% cap · market cap 11.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,080
Businesses Nearby
Explore this area
Business Placement
Demographics for 89109, NV
7,728
Population
12,053
Households
0.6
Avg Household Size
47
Median Age
38%
College-Educated
92%
High-School Grad
4.1 sq mi
ZIP Area
1,885
Density / Sq Mi
$54,917
Median Household Income
$55,296
Median Earnings
$1,208
Median Rent
$494,800
Median Home Value
Market
Vacancy Rate% for Office in Las Vegas, NV
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - Vacant office building on 3.61 acres near the Strip.
Where is this commercial land located?
The property is located at 2753 S Highland Dr Las Vegas, NV.
What is the asking price?
The asking price for this property is $19,000,000.
What are key features of this property?
This property features: Prime location, just 1 mile from the Las Vegas Strip; 3.61 Acres with 665’ of frontage on Highland Dr. & 305’ Frontage on Presidio Ave.**; Entertainment Mixed Use zoning allows for Office, Retail, High Rise Apartments or Condos, H‑1 Hotel or Industrial
